Inspect the chimney cap to determine the extent of the pitting. Extreme pitting often makes itself known by the subtle dripping of rainwater that seeps through the cap. If this is the case, it's best to completely replace the cap. Otherwise, cleaning and painting the cap with durable chimney paint is a good way to extend its life.
Remove flakes and debris and sand down the pitted regions of the cap with fine sandpaper. This cleans the surface of the cap and prepares it for painting.
Cover nearby objects and the roof with tarp or another plastic material to protect them during paint application.
Apply stainless steel chimney spray paint to the surface of the chimney crown. Shake the aerosol can vigorously and apply even, short dusting strokes. Many of these chimney paint products do not require primer. Always follow the specific manufacturer's instructions that accompany the product you're applying.
Allow the chimney cap to dry thoroughly. Apply a second coat as directed by the manufacturer.